HOW TO OPEN A BANK ACCOUNT IN PUERTO RICO?
The process of getting a Puerto Rico bank account comprises the following steps:
1. Meet our team
Astra Trust will be happy to open an account for you. Simply fill in our contact form or send us a request to firstname.lastname@example.org. We have an extensive network of contacts, making the whole process run smoothly. Please note that Astra Trust only cooperates with reliable banks in Puerto Rico.
If you are interested in opening an offshore bank account in other jurisdictions (EEA/Hong Kong/Belize/Nevis/UAE and others), please don’t hesitate to contact us.
2. We help you collect all necessary documents
We know that to open an account is not an easy task. In practice, international banks can ask for as many documents as possible to meet the requirements of the “Know Your Client” compliance process. Even though Puerto Rico’s banking regulations are not as strict as in other countries, collecting documents is usually time-consuming and challenging.
Astra Trust’s extensive expertise allows us to predict well in advance what documents a bank may request. We are not only your first point of contact with popular banks of Puerto Rico. Our services also include: (1) filling in all required application forms and questionnaires on your behalf; (2) direct communication with a bank’s manager; (3) drafting additional documents (if requested by a bank); (4) 24/7 online support for our clients in all matters related to opening an offshore account.
In order to open a Puerto Rico bank account, you will need the following documents:
|Open an account for an individual
Open an account for a company
|1. Corporate documentation (articles of associations, memorandum, certificate of shareholders, etc.)
||1. Identification documents (passport or national ID, driving licence)
|2. Additional documents depending on a chosen bank (minutes of meetings, company’s latest financial statements)
||2. Documents proving the place of residence (utility bills, tax declaration, phone bill, etc.)
||3. Additional documents depending on a chosen bank (professional reference, medical card, bank statement, proof of funds, etc.)
3. Evaluation of documents
Puerto Rico’s banking laws oblige banks to thoroughly evaluate obtained documents. In this regard, the overall process to open an account at Puerto Rico banks can take up to 3 weeks. However, the advantage of banks in Puerto Rico is that they allow remote account opening. That’s why prospective account holders do not need to visit a bank in person to submit their documents.
FAQ ABOUT BANKS IN PUERTO RICO
- Can I open an anonymous bank account in Puerto Rico?
Anonymity is no longer possible due to heightened compliance requirements, particularly the well-known “KYC” protocol (i.e., “Know Your Client”). At the same time, banks in Puerto Rico take client confidentiality very seriously. Since the banking system in Puerto Rico does not participate in CRS, account holders can be confident that their data won’t be shared with third parties.
- Is it safe to deposit money with offshore banks in Puerto Rico?
The first and most important thing to know about Puerto Rico is that the banks in Puerto Rico are part of the US banking system. Puerto Rico’s banking regulator (Office of the Commissioner of Financial Institutions) supervises and regulates the island’s financial sector along with exercising prudential oversight.
And last but not least, Astra Trust only cooperates with reputable and reliable banks of Puerto Rico with a long history, good track record and thousands of satisfied clients.
- Who is eligible for offshore banking in Puerto Rico?
The opportunity to obtain a Puerto Rico bank account is open to all non-residents. Foreigners and foreign companies incorporated in jurisdictions other than Puerto Rico can enjoy the benefits of the local banking system.
Banks in Puerto Rico welcome online gambling, betting and dating businesses that may struggle to open an account in other jurisdictions.
Puerto Rico’s banking system is in the process of rapid expansion. Consequently, banks in Puerto Rico are actively seeking to attract foreign capital into their banking ecosystems.
- How much does it cost to open an account in Puerto Rico?
By far, the most popular question after “How to open a bank account in Puerto Rico?” is probably “How much should I pay for it?” Astra Trust is ready to assist you in opening a bank account with international banks in Puerto Rico. Our services include all paperwork, including drafting of documents, communication with the banks and full guidance through the entire process of opening an account.
Please note that depending on the chosen bank, monthly maintenance fees and requirements for the initial deposit or a minimum monthly deposit may differ. Contact us now, and we will advise you on all applicable banking fees.
- Is offshore banking in Puerto Rico the right choice for my business?
There is no straightforward answer to this question. It all depends on the geography of your business, the clients you work with, as well as the nature of the business itself. Offshore banking in Puerto Rico is not a universal solution for all types of businesses. Contact Astra trust now and get free advice on the most suitable jurisdiction for your business to open an account.